Core Viewpoint - The company announced that its stock experienced an abnormal fluctuation with a cumulative closing price increase deviation exceeding 20% over two consecutive trading days on November 18-19, 2025, and confirmed that there are no undisclosed significant information as of the announcement date [1] Financial Performance - For the first three quarters of 2025, the company's revenue was 4,216.99 million yuan, representing a year-on-year decline of 7.15% [1] - The net profit for the same period was 28.26 million yuan, showing a significant year-on-year decrease of 73.79%, indicating a high risk of performance decline [1] Valuation Metrics - As of November 19, 2025, the company's static price-to-earnings (P/E) ratio was 32.83 times, and the trailing twelve months (TTM) P/E ratio was 47.42 times, both of which are higher than the industry average, suggesting potential valuation concerns for investors [1]

Market Overview - The apparel and home textile sector increased by 0.44% compared to the previous trading day, with Taiping Bird leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Top Gainers - Taiping Bird (603877) closed at 18.01, up 10.02% with a trading volume of 216,700 shares and a turnover of 385 million yuan [1] - Langzi Co., Ltd. (002612) closed at 23.64, up 10.00% with a trading volume of 334,500 shares and a turnover of 757 million yuan [1] - Zhenai Meijia (003041) closed at 54.59, up 9.99% with a trading volume of 213,600 shares and a turnover of 1.147 billion yuan [1] - Jiumuwang (601566) closed at 16.74, up 9.99% with a trading volume of 173,360 shares and a turnover of 1.199 billion yuan [1] - Jiemai Co., Ltd. (301088) closed at 16.84, up 9.64% with a trading volume of 195,300 shares and a turnover of 331 million yuan [1] Top Losers - Seven Wolves (002029) closed at 10.83, down 7.36% with a trading volume of 999,300 shares and a turnover of 1.111 billion yuan [2] - ST Bulin (002569) closed at 10.88, down 4.98% with a trading volume of 40,300 shares and a turnover of 44.72 million yuan [2] - Wanlima (300591) closed at 10.33, down 4.97% with a trading volume of 651,800 shares and a turnover of 678 million yuan [2] Fund Flow Analysis - The apparel and home textile sector experienced a net outflow of 323 million yuan from institutional investors, while retail investors saw a net inflow of 60.78 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors are actively participating [2] Individual Stock Fund Flow - Langzi Co., Ltd. (002612) had a net inflow of 15.1 million yuan from institutional investors, but a net outflow of 43.64 million yuan from retail investors [3] - Longtou Co., Ltd. (600630) saw a net inflow of 41.03 million yuan from institutional investors, while retail investors experienced a net outflow of 61.28 million yuan [3] - Jiemai Co., Ltd. (301088) had a net inflow of 29.35 million yuan from institutional investors, with a slight net outflow from retail investors [3]

Group 1 - The apparel and home textile sector experienced significant upward movement, with Rongmei Co., Ltd. rising over 16% [1] - Jiumuwang achieved six consecutive trading limit increases [1] - Other companies such as Zhenai Meijia and Taiping Bird saw increases of over 8%, while Langzi Co. and Jiaxin Silk also followed suit with gains [1]

Core Viewpoint - The announcement from Taiping Bird indicates that shareholder Chen Hongchao did not proceed with the planned share reduction despite holding 22,398,600 shares, which represents 4.75% of the company's total equity [1] Group 1 - Taiping Bird announced that shareholder Chen Hongchao held 22,398,600 shares before the implementation of the reduction plan [1] - The shareholding of Chen Hongchao constitutes 4.75% of the total share capital of the company [1] - The reduction plan's deadline has passed without any shares being sold by Chen Hongchao [1]

Core Viewpoint - The company announced a change in the shareholding structure of its indirect controlling shareholder, Pengyuan Global Holdings Limited, with the shareholder changing from Mr. Zhang Jiangbo to Ms. Gong Jianhui, who is the spouse of the company's actual controller, Mr. Zhang Jiangping [1] Group 1 - The company received a notification regarding the change in the shareholding structure on November 18, 2025 [1] - The business registration for the shareholding change was completed on November 17, 2025 [1] - The total number of shares held by the company's controlling shareholder, actual controller, and their concerted parties remained unchanged after the transfer [1]

Core Viewpoint - The company announced a change in the shareholding structure of its indirect controlling shareholder, which does not affect the total shareholding of the controlling shareholders and their concerted actors [1] Group 1 - The company received a notification regarding the change in the shareholding structure of its indirect controlling shareholder, Pengyuan Global Holdings Limited [1] - The shareholder of Pengyuan Global has changed from Mr. Zhang Jiangbo to Ms. Gong Jianhui, who is the spouse of the company's actual controller, Mr. Zhang Jiangping [1] - The business registration for this change was completed on November 17, 2025 [1]

Core Viewpoint - Taiping Bird (603877) experienced a trading halt today with a daily increase of 10.83%, despite a net sell-off from the Shanghai Stock Connect of 489,400 yuan [2][3]. Trading Performance - The stock reached a daily limit up with a turnover rate of 1.30% and a total transaction amount of 96.4022 million yuan, showing a price fluctuation of 10.16% [2]. - The top five trading departments accounted for a total transaction of 38.0208 million yuan, with a net buying amount of 14.7656 million yuan [2]. Fund Flow - The stock saw a net inflow of main funds amounting to 22.3982 million yuan today, with large orders contributing 16.6205 million yuan and big orders contributing 5.7777 million yuan [2]. - Over the past five days, the net inflow of main funds totaled 20.9209 million yuan [2]. Margin Trading Data - As of November 17, the latest margin trading balance for the stock was 92.218 million yuan, with a financing balance of 91.791 million yuan and a securities lending balance of 427,100 yuan [3]. - The financing balance decreased by 1.15% over the past five days, while the securities lending balance increased by 17.93% [3]. Financial Performance - According to the third-quarter report released on October 24, the company achieved a revenue of 4.217 billion yuan, a year-on-year decrease of 7.15%, and a net profit of 28.259 million yuan, down 73.79% year-on-year [3].

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-096 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 关于股东减持计划期限届满暨未减持股份的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，宁波太平鸟时尚服饰股份有限公司（以下简称"公司"） 股东陈红朝先生持有公司股份 22,398,600 股，占公司总股本的 4.75%。 1 一、减持主体减持前基本情况 上述减持主体无一致行动人。 二、减持计划的实施结果 (一)股东因以下事项披露减持计划实施结果： 披露的减持时间区间届满 减持计划的实施结果情况 公司于 2025 年 8 月 13 日在上海证券交易所网站（www.sse.com.cn）及指定 媒体披露了《5%以下股东减持股份计划公告》（公告编号：2025-069）。陈红朝 先生因个人资金需求，计划自 2025 年 8 月 19 日至 2025 ...

重要内容提示： 本次变动为宁波太平鸟时尚服饰股份有限公司（以下简称"公司"或"太 平鸟"）间接控股股东股权结构变动，未导致控股股东、实际控制人发生变化， 不触及要约收购，对公司的正常经营活动不构成实质性影响。公司控股股东仍为 太平鸟集团有限公司，实际控制人仍为张江平先生、张江波先生。公司控股股东、 实际控制人及其一致行动人合计持股数量未发生变化。 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-095 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 关于间接控股股东股权结构变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次间接控股股东股权结构变动后，公司控股股东及实际控制人均未变更， 公司控股股东仍为太平鸟集团有限公司，实际控制人仍为张江平先生、张江波先 生。本次变动对公司的正常经营活动不构成实质性影响，不存在损害公司及其他 股东利益的情形。 特此公告。 一、基本情况概述 本次变动后： 二、本次间接控 ...

Core Viewpoint - The announcement from Taiping Bird indicates a change in the indirect controlling shareholder, with Zhang Jiangbo being replaced by Gong Jianhui, who is the spouse of the actual controller Zhang Jiangping. This change does not affect the controlling shareholder or the actual controller of the company, and the overall shareholding structure remains unchanged, ensuring no substantial impact on the company's normal operations [1] Summary by Relevant Sections - **Shareholder Change** The indirect controlling shareholder has changed from Zhang Jiangbo to Gong Jianhui, with the change completed on November 17, 2025 [1] - **Impact on Control** The controlling shareholder remains Taiping Bird Group, and the actual controllers continue to be Zhang Jiangping and Zhang Jiangbo. The total shareholding of their concerted actors has not changed [1] - **Operational Stability** The company asserts that this change will have no substantial impact on its normal operations [1]